Slide 1: Half Year Results
HALF YEAR RESULTS 31st December 2003 John Grill, Managing Director & Chief Executive Officer David Housego, Chief Financial Officer 27-Feb-04 HYDROCARBONS | MINERALS, METALS & CHEMICALS | INDUSTRIAL & INFRASTRUCTURE | DEVELOPMENTS
Slide 2: Background
Worley Background @ Leading professional services provider to the Energy, Resource and Complex Process Industries & Across all phases of projects 41 2 3 4 5 IDENTIFY SELECT DEFINE EXECUTE OPERATE Licences Appraisal Asset Dev't Plans Detailed Design Maintain Exploration Concept Eng’g Front-end Design
Slide 3: International Operations
Worley international Operations United States Malaysiag) gerne ON @, Trinidad “1 @ Singapore fhdonesia @ New Zealand 18 Countries 42 Offices Over 4500 Personnel te
Slide 4: Financial Performance
Worley Financial Performance Aggregated Revenue | EBITDA EBIT Margin % _ Net Profit Margin % Half Year: --ended. 34 Dee 2003, 242.3 16.6 6.9% | 12.8 5.3% | “Half Year » ended: “34 Dec 2002 235.8 20.5. 15.7 6.7% 11.5, 4.9% Full Year- i » 2003. 474.4 41.5 32.1 6.8% | 25.9 5.5% | Impact on first half a
Slide 5: YTD Significant Wins & Extensions
Worley YTD Significant Wins & Extensions Parsons Energy Worley ey Services Santos Casino Development Tehran Tower Metro-rail City Project (Perth) Water Corp WA Panel Aughinish Sterlite Execution Esperance Energy Project Exmouth Energy Project BOC Asia Pacific Alliance IDENTIFY 4 Licences Exploration
Slide 6: Highlights - Hydrocarbons
Highlights - Hydrocarbons
Slide 7: Highlights - Hydrocarbons
Worley Highlights - Hydrocarbons @ Excellent South East Asian performance @ Iraq Repair and Continuity Operations award @ WorleyParsons Energy Services Houston Joint Venture Good project performance in Australia @ Integrated Service Contracts continue to perform well @ Middle East mixed; Saudi perfo
Slide 8: Highlights — Minerals, Metals & Chemicals
Worley Highlights — Minerals, Metals & Chemicals
Slide 9: Highlights — Minerals, Metals & Chemicals
Worley Highlights — Minerals, Metals & Chemicals @ 37% growth; 15% of Group revenue @ Alliance start-ups progressing well & Project performance on light metals Nickel Aluminium Alumina @ Looking to increase technical and geographic coverage
Slide 10: Highlights — Industrial & Infrastructure
Worley Highlights — Industrial & Infrastructure
Slide 11: Highlights — Industrial & Infrastructure
Worley Highlights — Industrial & Infrastructure @ 68% growth; 15% of Group revenue @ Strong result in Power & Water @ Additional capability; Geosciences @ Looking to increase technical and geographic coverage
Slide 12: Worley Developments
W Worley Developments @ Strategy progressing well @ Esperance Energy Project On track Commercial operation scheduled for March 2004 @ Power Purchase Agreement for Exmouth Energy Project $20 - $30m CAPEX Pipeline option being considered m@ Waste opportunities emerging
Slide 13: Iraq Consortium
Worley iraq Consortium @ 16 January 2004 contract awarded by USACE m Contract to be executed by Parsons Worley team @ Repair and continuity operations for northern region @ US$ 0.5m — US$ 800.0m u“ Share increased from 35 to 3772% “@ Initial mobilisation commenced @ Expect that Iraq will contribute
Slide 14: Differentiators
Worley Differentiators 1. Outstanding Operational and Corporate Performance 2. Focus on Long-term Contracts; Integrated Services Contracts (ISCs) and Alliances 3. Success in Project Delivery; Large and Small 4, Comprehensive Geographic Presence and Industry Capability 5. Identification, Integration
Slide 15: Financial Position and Cashflow
Worley Financial Position and Cashflow @ Cash position - $24.4m @ Undrawn bank facilities - $43.6m @ Associates share of profits - $4.4m (2003 $2.8m) Reducing tax rate as share of profit of associates Is after tax Profits retained within the associates to fund growth @ Effective tax rate - 24.1% (20
Slide 16: Outlook
Worley Outlook @ Negative effect of strong Australian dollar @ Positive effect of Iraq contract. Uncertainty as to speed of ramp up. & Solid increase in long term & alliance contracts ™@ Worley load in core business sound with good prospects m@ Stronger performance in second half. @ Earning growth i